U.S. exports began plummeting last year after China rebuilt its hog population, creating an industrywide glut that is squeezing pork industry profits. A U.S. listing for Smithfield would follow what has been a tough time in the American meat industry when all three major meat sectors—beef, pork and chicken—have struggled to make consistent profits. Smithfield isn’t the only major meat company exploring a U.S. listing. JBS is the world’s largest meatpacker and has a sizable U.S. pork business that competes with Smithfield. Its businesses in the U.S. and Mexico contributed 56% of the company’s revenue in 2022, while its China business comprised 34%.

Source: Wall Street Journal October 19, 2023 16:48 UTC